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Portfolio

HLEND seeks to build a diversified portfolio of senior secured private credit investments in resilient, market-leading, upper-middle market companies that operate primarily in non-cyclical sectors.

Data as of May 31, 2025

$19.9B

Investments at Fair Value

10.0%

Portfolio Yield at Fair Value1

91%

Private Investments2

97%

First Lien Exposure3

99%

Floating Rate4

$229M

Weighted Average EBITDA5

Portfolio Companies89

Clear Filters
Company Name
Industry
Investment Type
Reference Rate & Spread11
Par Amount (thousands)
Amortized Cost (thousands)
Fair Value (thousands)
% of Total Portfolio
Global Music Rights, LLC Media 1st Lien Senior Secured Debt SF + 4.75% $485,963 434,617 433,507 2.18%
ULTRA III, LLC (Unitranche Holdings III, LLC) Investments in Joint Ventures Joint Ventures $550,000 295,799 311,186 1.56%
Severin Acquisition LLC (Powerschool Holdings, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% (incl 2.25% PIK) $366,134 308,110 309,400 1.55%
CCI Buyer, Inc. (Consumer Cellular) Telecommunications Service Providers 1st Lien Senior Secured Debt SF + 5.00% $327,372 300,735 300,734 1.51%
PerkinElmer U.S. LLC (PerkinElmer) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $239,379 235,137 241,500 1.21%
Azurity Pharmaceuticals Inc (Azurity Pharmaceuticals) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 7.00% $256,382 239,493 239,493 1.20%
AB Centers Acquisition Corporation (Action Behavior Centers LLC) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $256,923 218,741 222,701 1.12%
IRI Group Holdings, Inc. (Circana Group, LP.) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.50% $206,163 204,537 206,119 1.04%
WP CPP Holdings, LLC (Consolidated Precision Products) Aerospace and Defense 1st Lien Senior Secured Debt SF + 6.50% $204,123 200,646 207,698 1.04%
Advarra Holdings, Inc. (Advarra, Inc.) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 4.50% $201,851 194,142 197,849 0.99%
SW INGREDIENTS HOLDINGS, LLC (Spice World) Food Producers 1st Lien Senior Secured Debt SF + 5.00% $248,956 195,464 195,466 0.98%
MB2 Dental Solutions, LLC Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $244,832 192,147 193,544 0.97%
Guidehouse Inc. Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% (incl 2.00% PIK) $189,990 188,062 189,263 0.95%
Solis Mammography Buyer, Inc. (Solis Mammography) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $253,462 188,396 188,395 0.95%
Armstrong Bidco Limited (Access Group) Software and Computer Services 1st Lien Senior Secured Debt SN + 5.00% £139,986 166,557 187,805 0.94%
DIA Finance S.L.U. (Distribuidora Internacional de Alimentación, S.A.) Personal Care, Drug and Grocery Stores 1st Lien Senior Secured Debt E + 6.75% € 170,600 172,987 188,167 0.94%
Coding Solutions Acquisition, Inc. (CorroHealth) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $238,894 176,163 180,300 0.91%
Onesource Virtual, Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $205,693 177,810 182,179 0.91%
Knitwell Borrower LLC (Knitwell) Retailers 1st Lien Senior Secured Debt SF + 7.75% $169,274 166,266 166,560 0.84%
Capripack Debtco PLC (Constantia) General Industrials 1st Lien Senior Secured Debt E + 5.75% (incl 2.50% PIK) € 142,957 148,671 162,271 0.81%
Spruce Bidco II Inc. (Vantive) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $209,763 162,867 161,956 0.81%
Zendesk Inc (Zendesk, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $217,854 157,939 160,594 0.81%
Auditboard, Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $189,286 157,347 159,795 0.80%
Gusto Aus Bidco Pty Ltd (iNova Pharmaceuticals) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt B + 4.75% AUD 267,618 155,885 155,564 0.78%
Axiom Buyer, LLC (Axiom) Industrial Support Services 1st Lien Senior Secured Debt SF + 6.50% $183,956 153,484 153,460 0.77%

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Footnotes

  1. Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on accruing (i) debt and (ii) other income producing securities, divided by (b) total accruing (i) debt and (ii) other income producing securities (at fair value). Actual yields earned over the life of each investment could differ materially from the yields presented above. Please refer to HLEND’s prospectus and filings, including Form 10-Q or Form 10-K for fair value disclosures.
  2. Private Investments represents level 3 investments in the investment portfolio where inputs to the valuation methodology are unobservable and significant to overall fair value measurement. Private investments includes investments in joint ventures.
  3. Based on the aggregate fair value of the investment portfolio as of May 31, 2025.
  4. Percentage based on aggregate fair value of accruing debt.
  5. Calculated with respect to all level 3 investments (or, with respect to weighted average loan to value, all level 3 debt investments) in the investment portfolio for which fair value is determined by the Investment Adviser (in its capacity as the investment adviser of HLEND, with assistance, at least quarterly, from a third-party valuation firm, and overseen by HLEND’s Board of Trustees), and excludes quoted assets and investments in joint ventures. In the case of weighted average EBITDA only, excludes investments with no reported EBITDA or where EBITDA, in the Investment Adviser’s judgement made in its discretion, was not a material component of the original investment thesis, such as loan-to-value-based loans, NAV-based loans or reorganized equity. Weighted average EBITDA is weighted based on the fair value of the total applicable level 3 investments. Loan to value is calculated as net debt through each respective investment tranche in which HLEND holds an investment divided by enterprise value or value of underlying collateral of the portfolio company. Weighted average loan to value is weighted based on the fair value of the total applicable level 3 debt investments. Excludes investments on non-accrual status as of October 31, 2024. Figures are derived from the most recent financial statements from portfolio companies.
  6. Includes “last out” portions of first lien senior secured loans.
  7. Secured debt at the holding company level.
  8. Based on FTSE / DJ Industry Classification Benchmark (“ICB”) sector definition. Totals may not sum due to rounding.
  9. All figures are as of May 31, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.
  11. PIK rates on preferred equity investments may represent preference accruals that are not recognized through NII of the fund and as such are not included in the calculation of yield.